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MATTER OF ESTATE OF CARPENTER

No. 93-1484.

533 N.W.2d 497 (1995)

In the Matter of the ESTATE OF Lou D. CARPENTER, Deceased. Robert BECKMANN, Temporary Executor of the Estate of Lou D. Carpenter, Appellee, v. Jack DENSMORE, Frank Densmore, and Fritzi Densmore Vee, Appellants, Lorna Densmore Funk, Fred A. Ellis, Frank Ellis, Thelma Ellis Riehm, Charles Ellis, Irene Ellis Byrne, Donald E. Bergman, James D. Corwin, Robert J. Devaney, Kevin P. Halterman, Kenneth W. Harder, James A. Maurice, Richard J. Moore, Louis L. Morf, Robert D. Patten, Gerald G. Retzlaff, Dean J. Ricklefs, D.P. Sutherland, and Monticello State Bank Profit Sharing Trust, Monticello State Bank, Prior Trustee, Appellees.

Supreme Court of Iowa.

As Amended on Denial of Rehearing June 15, 1995.

Attorney(s) appearing for the Case

Robert N. Downer and Timothy J. Krumm of Meardon, Sueppel, Downer & Hayes, P.L.C., Iowa City, and Charles T. Beckman of Elmann, Gehlback, Beckman & Lee, Dixon, IL, for appellants.

Stephen E. Locher and Nick Strittmatter of Locher, Locher & Strittmatter, Monticello, for appellee Robert Beckmann.

Jon P. Sullivan and Miriam S. Sawtelle of Dickinson, Mackaman, Tyler & Hagen, P.C., Des Moines, for all other appellees.

Considered en banc.

CARTER, Justice.

This is a declaratory judgment action in probate relating to the administration of the estate of Lou D. Carpenter of Monticello, Iowa. Such actions are authorized by Iowa Code section 633.11 (1991). At issue, is the continuing validity, if any, of an option to buy stock in the Monticello State Bank that was conferred by decedent's will on designated officers of that bank and the profit-sharing trust for the bank's employees. After the making of the...

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